News:
Spotlight Content
Posted: December 22, 2020
Joseph Aquino, JAACRES
Name: Joseph Aquino
Title: President
Company Name:JAACRES
What aspects of working from home did you enjoy most?
Working from home has been a new awakening. A real estate broker has to re-start the engines every day. You’re in the market and you are always matching spaces with tenants and spaces with tenants. There can be no down days: only up days. You need a positive attitude. You need to maintain your business and social connections because you never know when business will come in, and how can you advise anyone if you feel miserable? Working at home actually keeps me in the field more—because in a way, I am working at home less than ever. I have converted my retail store spaces into remote offices. When I’m there I have a sign outside the store that says “Broker on Duty”—and it works. People stop in all day to ask about the space—and each one is a new contact. Sitting home has gotten me out of the house, and my owners love having someone in their property.
What are your predictions for commercial real estate in 2021?
I have been practicing commercial real estate brokerage for 35 years and never have I seen a market like this. The hotel segment in particular has been taking a beating. Hotel owners are at their cash-end and some are handing their keys over to their lenders. I don’t foresee the situation improving in the metro area in the immediate future. Some hotels could be repurposed, but many owners can’t move quickly enough to avoid foreclosure. Some hotel operators could seek joint ventures with lenders that don’t want to be forced into operating the hotel—but some lenders would rather just have the bricks and mortar.
Tags:
Spotlight Content
MORE FROM Spotlight Content
Over half of Long Island towns vote to exceed the tax cap - Here’s how owners can respond - by Brad and Sean Cronin
When New York permanently adopted the 2% property tax cap more than a decade ago, many owners hoped it would finally end the relentless climb in tax bills. But in the last couple of years, that “cap” has started to look more like a speed bump. Property owners are seeing taxes increase even when an
.png)
Quick Hits
.gif)
.jpg)
Columns and Thought Leadership
The strategy of co-op busting in commercial real estate - by Robert Khodadadian
In New York City’s competitive real estate market, particularly in prime neighborhoods like Midtown Manhattan, investors are constantly seeking new ways to unlock property value. One such strategy — often overlooked but
Oldies but goodies: The value of long-term ownership in rent-stabilized assets - by Shallini Mehra
Active investors seeking rent-stabilized properties often gravitate toward buildings that have been held under long-term ownership — and for good reasons. These properties tend to be well-maintained, both physically and operationally, offering a level of stability
Properly serving a lien law Section 59 Demand - by Bret McCabe
Many attorneys operating within the construction space are familiar with the provisions of New York Lien Law, which allow for the discharge of a Mechanic’s Lien in the event the lienor does not commence an action to enforce following the service of a “Section 59 Demand”.
How much power does the NYC mayor really have over real estate policy? - by Ron Cohen
The mayor of New York City holds significant influence over real estate policy — but not absolute legislative power. Here’s how it breaks down:
Formal Legislative Role
• Limited direct lawmaking power: The NYC Council is the primary
.gif)